RBI extends deadline to exchange Rs. 2,000 notes till Oct. 7text_fields
New Delhi: The Reserve Bank of India (RBI) has extended the deadline for the exchange and deposit of Rs. 2000 notes till October 7, 2023.
"As the period specified for the withdrawal process has come to an end, and based on a review, it has been decided to extend the current arrangement for deposit/exchange of ₹2000 banknotes until October 07, 2023," the RBI said in a press release on Saturday, September 30.
With effect from October 8, the deposit or exchange of Rs. 2,000 notes at bank branches will be stopped.
RBI had announced the withdrawal of Rs. 2000 banknotes from circulation on May 19. It had asked the masses to exchange their notes by September 30, 2023.
The extension of the deadline is aimed at providing more time for the masses to deposit the notes without last-minute hassles. The apex bank had also provided the exchange facility at its 19 Regional Offices.
According to RBI data, on May 19, Rs. 2000 notes of a total value of Rs. 3.56 lakh crore were in circulation.
The banks have received Rs. 3.42 lakh crore worth of Rs. 2000 notes back as of September 29.
This means only Rs. 0.14 lakh crore worth of notes are still in circulation.
RBI said in a statement that around 96 per cent of Rs. 2000 notes in circulation as on May 19 has been returned.
"With effect from October 08, 2023, the procedure for deposit/exchange of ₹2000 banknotes shall be as under: a) The deposit/exchange at bank branches shall be stopped. b) ₹2000 banknotes can continue to be exchanged by individuals/entities at the 19 RBI Issue Offices up to a limit of ₹20,000/- at a time. c) Individuals / Entities can tender ₹2000 banknotes at the 19 RBI Issue Offices for credit to their bank accounts in India for any amount. d) Individuals / Entities from within the country can also send ₹2000 banknotes through India Post, addressed to any of the 19 RBI Issue Offices for credit to their bank accounts in India," the RBI further said in its statement.
The RBI statement further said that courts, law enforcement agencies, government departments or any other public authority involved in investigation proceedings or enforcement can exchange Rs. 2000 banknotes at its 19 RBI Issue Offices without any limit.
These banknotes continue to remain legal tender, it added.